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Turkish players evaluate possible impact of record high USD/TL parity

by ChemOrbis Editorial Team -
  • 10/11/2016 (10:04)
Turkey’s currency posted rapid drops against the American dollar on Wednesday following the US elections which resulted in Republican Donald Trump’s victory as he was elected the 45th president of the United States.

Right after the news, the USD/TL parity hit a historical high of 3.30 before easing down to slightly below 3.20 later in the day. According to media sources, the global management consulting firm, BCG Partners, projected that the USD/TL parity may be at 3.20 by the end of 2016 and may be at around 3.45 in 2017.

Turkish polymer players have voiced their opinions about the possible impact of the weaker Turkish lira on the markets. Prices are on a strong path, particularly for products for which supply is considered limited to tight such as PVC, PP raffia and LDPE as well as HDPE.

“We will see the impact of the record high USD in the coming days. Buyers may prefer to wait for an easing in the parity before clearing their material. In general, we think that the firm trend may lose steam in December considering the fact that producers may destock at the year-end in the midst of falling crude oil costs,” a large PP, PE trader opined.

A PVC seller stated, “We don’t think our business with the US will be affected much throughout the shift.” A sack maker commented, meanwhile, “As we are mostly exporting our end products, we have not been affected by the USD rally. However, the record low TL might have a negative impact on the industry in the coming term.”
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